Monday, 3 October 2016

Shocking: $17 billion in undeclared oil, gas missing

President Buhari has claimed “mind-boggling” sums have been stolen from the country’s oil industry. Just how much is now becoming clear.
Lawmaker in the House of Representatives Johnson Agbonayinma alleged last month that $17 billion in oil and liquefied natural gas was exported from Nigeria without being properly declared between 2011 and 2014.
It was the latest allegation of multibillion-dollar graft directed at Nigeria’s oil industry. Nigeria has long been Africa’s top-oil producer, and oil proceeds make up 90% of the country’s exports and a large part of its budget.
The reliance on oil revenue dragged Nigeria’s economy into hard times when the price of crude on the global market started dropping in 2014.
READ MORE HERE